Safety Net

As you probably know, one of the great advantages for businesses in outsourcing to independent contractors is that they don’t have to pay the whole array of taxes that they do for employees. The IRS has stated . . . Companies must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment […]

{ 0 comments }

Here’s a nightmare for you.  You and your partner signed a partnership agreement, began your business, built it, and were on the verge of seeing it really take off when the unthinkable happened:  your partner was hit by a drunk driver while crossing the street on the way to work and killed.  Not only do […]

{ 7 comments }

Q.:  My current business is in transportation services and I would like to also offer consulting services. But with the current business name having the word “transportation” in it, clients might not identify the new consulting services. Is a new employer tax ID needed to start a new branch of my current business with a […]

{ 0 comments }

Q.:  I recently became a sole owner of an LLC due to a partnership split. I am renaming the LLC due to the split. Is it necessary to obtain a new employer tax ID (also known as an “EIN”) for the new LLC?   A.:  Generally, a simple name change of an LLC does not […]

{ 1 comment }

Q.:  What kind of financial reports are minimally required of an LLC, and how often should they be made available to the partners?   A.:  Minimally, LLCs are required to file annual tax returns for their company financial reports and the members (owners) of an LLC would receive a copy of Form K-1, which is […]

{ 0 comments }

Post image for Chasing Your Dreams–an Interview with Robert Tuchman

Ready to chase your dreams of being an entrepreneur? Yes, I mean you. Why not you? Listen in to this lively and informative interview of Robert Tuchman, author of YOUNG GUNS: The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on Your Own. Robert talks about why the theme of “why not you?” […]

{ 0 comments }

Q.: We are setting up key man insurance policies, and one of the spouses asked whether the business could pay for the family’s term life insurance policy as a benefit from the business.  Can a partnership use a partner’s family term life insurance policy as a business expense, with the intention of using the policy […]

{ 0 comments }

Post image for Minimize Tax Terrors in Two Simple Steps

It’s coming up to that time of year again. The time that most business owners dread. Tax season. Most entrepreneurs would rather have root canal surgery without anesthesia than go through the nightmare that is tax return preparation. Where are my documents? What can I deduct? Given everything going on with the economy, am I […]

{ 1 comment }

From the Department of “Hey, That’s a Good Point!” comes this article on Board of Directors liability by attorney Alan Sklover, Esq.  (yes, you can learn interesting things from your LinkedIn groups!).  It has to do with corporate housekeeping, directors and officers, and how to protect yourself against future entanglements. Why is this relevant? Because […]

{ 0 comments }

So you thought you had your bases covered when you formed your corporation (or LLC) for your new business.  But forming a company alone may not be enough.  (Surprise!  Ugh.) Yes, you wanted to protect your personal assets from business creditors … but are your business assets protected from personal creditors?  Personal creditors can include: […]

{ 2 comments }